Peter Schiff is mistaken when he says Bitcoin is no different to a digital form of fiat currency. Scarcity is certainly an essential component that gives gold its value; the same is true for bitcoin, except bitcoin also has privacy and transaction speed advantages.
RE: Crypto lovers hate the petro dollar cause it is fiat and backed by nothing. But they love digits on a wire. Who owns the wire? https://www.youtube.com/watch?v=ccDjhdqZ5yI